Sanctions regulator forces banks to tighten up compliance - Rebecca Niblock quoted in Law360

4 March 2019

Rebecca Niblock, partner in Kingsley Napley's Criminal Litigation team, is quoted in Law360 in an article about banks in the UK being under pressure to sharpen their compliance procedures.

Sanctions regulator forces banks to tighten up compliance (subscription required)

Rebecca comments: 

“For banks, £5,000 is a drop in the ocean,” according to Rebecca Niblock, a partner at Kingsley Napley LLP.

“You receive some reputational damage for having breached it, but you would hope that that would be mitigated by the fact that you have located the breach, taken the appropriate steps to deal with it and come clean with the regulators."

"It’s obviously a lot easier for the OFSI to go down the civil rather than the criminal route, and a lot less expensive, and where they can I’m sure they will be going down this path,” Niblock said, adding that bigger banks could be exposed to larger fines for more serious breaches."

“Whether they come out of the woodwork is another question, because at that stage the reputational risk is something they would have to consider."

Share insightLinkedIn Twitter Facebook Email to a friend Print

Email this page to a friend

You may also be interested in:

View all


Routinely and aggressively pursuing money-laundering investigations: the verdict on the UK’s AML regime

Tackling illicit finance: lawyers under the spotlight

AML: targeting the professional enablers – action not just talk

FCA publishes first Decision Notice under the partly contested cases process

Cryptocurrencies: the new face of economic crime?

AML: reforming the suspicious activity reporting regime – have your say

FCA: Criminal prosecutions for AML systems and controls failings – a step too far?

International Criminal Law – A Month in Review – March 2018

Share scheme fraudster pleads guilty to perverting course of justice in proceeds of crime case brought by Financial Conduct Authority

Sanctions and Anti-Money Laundering Bill – Second Reading

Bringing cryptocurrencies in from the cold

Litigation privilege in internal investigations – a more “realistic” approach

Bitcoin and cryptocurrencies – regulation on the horizon to combat cyber-crime?

FCA fines experienced bond trader for negligent market abuse

FCA: New Focus on Market Manipulation and Non-Equities Market Abuse

Transaction Reporting fine highlights the importance FCA places on correct data

Financial Conduct Authority: The level of suspicious transaction reports soars, and is set to keep on rising with new EU rules

The New Money Laundering Regulations: A Game of Risk

Close Load more

Skip to content Home About Us Insights Services Contact Accessibility